New York – U.S. money market fund assets increased for a fifth straight week to their highest level since early 2010, as investors further raised their cash pile due to recent market volatility, a private report released on Wednesday showed.
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Assets of money market funds, which are seen as nearly as safe as bank accounts, jumped $35.62 billion to $3.029 trillion in the week ended Jan. 8. This marked the first time that money fund assets surpassed $3 trillion since the week ended March 9, 2010, according to the Money Fund Report published by iMoneyNet.
Brilliant…..Except yet they all missed out on the run up in equities over the past few weeks.